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Pension Plans : Key Factors for Success :

Pension Plans : Key Factors for Success :. Lic. Recaredo Arias Secretary General FIDES. 2. Índex. Context Pension Plans Current Situation Pension Products Key Factors for Success Market size Marketing schemes Additional benefits and services Regulation Investment regulations

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Pension Plans : Key Factors for Success :

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  1. PensionPlans:Key FactorsforSuccess: Lic. Recaredo Arias Secretary General FIDES

  2. 2 Índex • Context • PensionPlansCurrentSituation • PensionProducts • Key FactorsforSuccess • Marketsize • Marketing schemes • Additionalbenefits and services • Regulation • Investmentregulations • Mortalitytables • Operationalprocesses • Sector statistics • Problems, Limitations and ProposedSolutions

  3. Context

  4. 4 Pension Plans Current Situation

  5. 5 Life Expectancy at Birth Source: ONU

  6. 6 Life Expectancy at Birth Source: OECD

  7. 7 Longevity Risk (Spain) Source: BBVA

  8. 8 Pension Plans Current Situation

  9. 9 Pension Plan Reforms

  10. 10 Pension Plans Current Situation

  11. 11 Pension Plans Current Situation

  12. 12 Monthly Taxable Income Dollars in currentterms Source: FIAP

  13. 13 Retirement Products

  14. 14 Lump Sum

  15. 15 Countries where full lump sum payment is allowed • As an alternative: • Australia • Belgium • China • Czech Republic • Greece • Hungary • Indonesia • Japan • Malaysia • New Zealand • South Africa • Spain • Turkey • USA • As theonlyretirementbenefit: • Hong Kong • India • Tailandia • Filipinas

  16. 16 Phased Withdrawals

  17. 17 Calculation examples for Phased Withdrawals

  18. 18 Life Annuities

  19. 19 Countries with mandatory annuitization • Austria • Bolivia • Colombia • Croatia • Hungary • Netherlands • Norway • Poland • Sweden • Uruguay • Mandatory annuitization in the event of early retirement • Argentina • Chile • El Salvador • Perú

  20. 20 Product comparison

  21. 21 Retirement payments over time

  22. 22 Retirement products RECOMMENDATIONS:

  23. Key Factors for Success

  24. 24 Market size estimation

  25. 25 Retirement products’ market Acceleratedincrease in annuitizationratedueto:

  26. 26 Population over 65 years (in %) LatinAmerica Europe Source: CIA – TheWorldFactbook, 2008 est.

  27. 27 Market for Life Annuities in Chile Source: OECD

  28. 28 Affiliates to the Pension Fund Management System Source: FIAP

  29. 29 Affiliates vs. Total Population Source: FIAP –ONU (WorldFactbook) - FIDES

  30. 30 Contributors vs. Affiliates Source: FIAP – CIA (WorldFactbook) - FIDES

  31. 31 Commercialization scheme

  32. 32 Commercialization schemes Examples

  33. 33 Retirement Pensions

  34. 34 Number of Old Age Pensions Phased Withdrawals and Life Annuities Source: FIAP

  35. 35 % of retirees vs. contributors Source: FIAP –ONU (World Factbook) - FIDES

  36. 36 Additional benefits and services

  37. 37 Investment and Capital Regulations

  38. 38 Investment rates of return The differential margin of rates of return, used to cover operational expenses, special funds and profits decreased form 3.24% in 2000 to 0.16% in December 2006. Source: Banco de México

  39. 39 Investment and Capital Regulations

  40. 40 Managed Funds In millions of US Dlls Source: FIAP

  41. 41 Managed Funds vs. GNP 28 118 79 75 83 74 53 66 88 60 59 58 76 98 68 GLOBAL COMPETITIVITY RANK INDEX 2008 SOURCE.- FIDES WITH DATA FROM WORLD ECONOMIC FORUM 2008 – WORLD BANK 2009 – SWISS RE 2008

  42. 42 Mortality Tables

  43. 43 Mortality tables – Active employees Margins due to improvements are being reduced.

  44. 44 Mortality tables - Disability The tendency observed is due in great measure to criteria changes on behalf of the Social Security in disability rulings as of the second semester of 2002.

  45. 45 Operational Processes

  46. 46 Operational Processes

  47. 47 Statistics

  48. 48 Public Social Security System Regulation

  49. 49 Regulation

  50. 50 Challenges for Pension Regulators Share a widevisionontheviability of thePension Plan market Tobeabletofaceit, itiscompulsorytodirectactionstowards Promoting and mantainig a solidInsuranceMarket that can satisfythefutureneeds of theConsumer and theInsurance Business • EFFICIENT • FAIR • SAFE • STABLE • TRUST WORTHY • COVERAGE • PROTECTION • INNOVATION • CAPACITY OF ATTRACTING AND RETAINING FUNDS SOURCE: G-20; PRINCIPLES FOR PROMOTING SOUND INSURANCE MARKETS (AMIS ADAPTATION)

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